₦airaland Forum

PvtParts2:
The Naira recorded it's highest single week depreciation after Buhari dipped into the external reserves to bail out states. A few days later the CBN will announce more stringent rules in sourcing for FOREX.

Intersts rates are now averaging at 26% following the inability of states like Osun to meet their debt repayment.

WEMA Bank is on the verge of collapse.

Did u see buhari deep into the foreign reserves una go just dey lie

The hallmarks of what we are witnessing with the naira are reminiscent to the Greek economic collapse which required an EU bailout.

Southwest states are the most indebted states in the polity and as such most of the bailout went to that region.


FACTS!

Adesiji77:
[size=18pt]Oyedepo Sends Truckloads Of Food Aid To Osun[/size]

Civil servants and others experiencing lack in Osun State will soon have reason to smile as truckloads of food stuff provided by the Presiding Bishop of Living Faith Church Worldwide, Dr. David Oyedepo, have arrived in the state for distribution.
The State Pastor of Living Faith, Olumuyiwa Emmanuel, announced the arrival of the food aid on Wednesday during the mid-week service of the church in Osogbo, the state capital.
According to Pastor Emmanuel, Bishop Oyedepo donated the food items which included rice, vegetable oil, tomato pastes and others for distribution to church members and other residents of the state who were experiencing lack, adding that the items would be distributed at the church premises on Sunday (tomorrow) after service.
Civil servants, retirees and other categories of workers in the Osun are being owed several months, which the State Government only recently started to offset.
Emmanuel said, “I am happy to announce to you that trailer load of rice, vegetable oil, tomato and other things sent by the bishop have arrived. The distribution will be done on Sunday.
“Invite your friends and neighbours, Christians and non-Christians; everybody will be taken care of. We are blessed to be a blessing unto others. Bring people who need the food, young and old, all of them will be catered for. We have more than enough for everybody”.

http://www.informationng.com/2015/07/oyedepo-sends-truckloads-of-food-aid-to-osun.html?utm_source=&utm_medium=twitter

Cc: Ishilove, lalasticlala

dammylohlah:
PdPpigs will not stop amusing me. It is Osun borrowing that cause fall of naira ur brain need total overhaul. Tell me what nigeria is producing locally. DUNLOP, MICHELLING, UNILEVER, TEXILLE ALL THIS COMPANY IS NO MORE IN NIGERIA,ALSO NO REFINERY THAT IS WORKING EVERYTHING IS ON IMPORTATION. NOW TELL HOW NAIRA IS NOT GOING TO BE WEAKED. IF U LACK FUNDAMENTAL ECONOMIC LACK UR ANKARA WOMAN, PLS ENROLL IN LBS. AJAOKUTA STEEL IS NO MORE WORKING FOR DECADES. THIS MAD MAN POSTING.

PvtParts2:
AshiwajuFoward kindly post on topic.

We are here to proffer solution to your states' gbesse profile.

When we suggest cocoa you guys think say nah insult.

Better start planting cocoa.

AshiwajuFoward:
You're nothing but a straight-up punk, that's why I'm not really keen on engaging you. The SW as it stands contributes the highest non-oil revenue to the federal coffers. Last year alone it exported up to a 1-billion USD in Cocoa exports (http://businessdayonline.com/2014/10/nigeria-to-earn-1-3-billion-from-cocoa-exports-this-year/) -- and the region is fixing to tripple that record this year. That's a shyt-load of value it's adding to the commonwealth than your entire SE region combined. Now, at least that gives us some bragging right, unlike you all. What value are you adding to the non-oil economy? Considering that the Oil coming from the entire SE isn't even up to that contributed by Ondo state alone. See, it's a fruitless exercise engaging y'all. Absolutely fruitless.

PvtParts2:
I am from Delta

Why is Osun facing chronic belly aching hunger ?

AshiwajuFoward:
I honestly don't give a flying funk where you're from. Stu.pidity knows no color, ethnic group, nor race. And you boy, are STU.PID -- in CAPS.

AshiwajuFoward:
I honestly don't give a flying funk where you're from. Stu.pidity knows no color, ethnic group, nor race. And you boy, are STU.PID -- in CAPS.

PvtParts2:
Nobody forced them to borrow and this has been the norm since 1999.

The FG can only choose to or not to guarantee any loan application that is sent to it by the bank to guarantee that remittance will be made at source.

This is how Amaechi and Oshiomole loan applications where turned down by NOI.

PvtParts2:
Start planting more cocoa

We Inherited N637.22bn Debt, Says Okowa

Delta State Governor, Senator Ifeanyi Okowa, has said his administration inherited a debt profile of N637.22 billion, with a call on all Deltans to be ready to make sacrifices necessary to put the state on the path of economic recovery.

Giving a breakdown of the debt profile, Okowa disclosed that N98.62 billion is as a result of Revenue Bond and indebtedness to commercial banks, while outstanding contractual obligations stood at N538, 601,962,421.50.

Speaking Thursday while addressing members of the state House of Assembly in Asaba on the financial status of the state, Okowa said it became necessary to let the lawmakers know the state of affairs in order “to put the legislature on the same page with the executive, so that we can think together, plan together, and tighten our belts going forward.”

Exuding confidence, Okowa asserted that “I see more opportunities in our current economic predicament than the threats it poses,” adding: “We must muster the resolve and political will to boldly – and decisively - confront the challenges that we face, right the ship of our state and lay a solid foundation of prosperity both now and for future generation of Deltans. It won’t be easy. It is not supposed to be easy. But there is no gain without pain, no prize without a price.

“A good place to start is for us to reject the old ways of doing business. First, beginning with me and this honourable House, we must be ready to make the necessary sacrifices to reduce the cost of governance. Secondly, the endless turf battles and approach to legislative action would need to give way to civility and respect for each arm of government. Thirdly, the House must make laws that protect and promote the interest of the State and our people. Fourthly, we must act with the sense of urgency that our current situation demands, and navigate the ship of state aright.”

The governor told the House the 2015 budget of N409billion as passed “has to be reviewed” because it “is no longer realistic in the wake of current realities, which clearly show that our expected revenue is now far below what was projected in view of the declining earnings from FAAC occasioned by the crash in oil prices.”

He assured the House that the administration is “frantically working at putting the necessary machinery in place to boost our internally generated, and steps will be urgently taken to plug the loopholes in our revenue collection process. In our land resource management, action will be taken to re-certify Certificates of Occupancy (C of O) beginning with our urban settlements, while MDAs will be made more accountable in the generation of revenue.”

He called for a cordial relationship among the different arms of government, reminding the Legislature of their constitutional responsibility “to make make laws for the peace, order, and good governance of the state.”

The governor promised to build a “model worthy of emulation” in executive-legislature based on his experience as a former member of the Senate.

Okowa appealed for patience and understanding regarding the suspension of the civil service recruitment.
Admitting that it was a painful and difficult decision to make, he noted that “we came to this inescapable decision because the entire recruitment exercise was riddled with fraud and corruption as it violated established civil service rules and regulations. More so, it was not logical that a state struggling to meet its payroll obligation should employ more persons.”

While sympathising with those affected by the exercise, he urged the house members to appeal to their constituents who were affected by the exercise for understanding because “we do not mean them any harm” and “you have my highest assurances that in the long term this decision is for the benefit of everybody.

Sometimes things have to get worse before they can get better.”

Okowa enjoined the house members to be mindful of their place in history. “The focus of responsible leadership is not always about the next election; it is about the next generation,” he declared.

“We would have written our names in gold if in the next four years Delta State can boast of a functioning public school system that ensures that the children of the poor are provided quality education, accessible and affordable primary and secondary healthcare system, a flourishing agricultural and agri-business sector, and the proliferation of Micro, Small, and Medium Scale Enterprises (that ensure our teeming youth population is productively engaged), well planned and environmentally friendly cities, and integrated rural development.”

In a brief remark, the Majority Leader of the assembly, Hon. Tim Owhofere, member representing Isoko North, thanked the governor for the briefing and promised that the legislature would partner with other arms of government to deliver the dividends of democracy to the people.

http://www.thisdaylive.com/articles/we-inherited-n637-22bn-debt-says-okowa/213137/

PvtParts2:
Lagos, Ogun, Osun and Oyo have a total combined debt of over $1.5bn and tops all the other states combined occupying the top gbesse spots.

The combination of the total debts owed by Kaduna, Cross Rivers, Edo, Bauchi, Katsina and Enugu is not even up to 30% of what your states owe.

AshiwajuFoward:
Well, we already started. I'm sure you realize that the Oil prices may tank further for quite sometime. I think your hypocritical a$$ should start thinking beyond Oil, since you claim to be from Delta state. And for someone making so much noise, your own state owes over N600billion naira in debt. That's like how much in dollars? Inspite of the huge amount of money it receives monthly from the FG. How do you ...explain that?

PvtParts2:
The DMO figure only quoted the amount owed to foriegn creditors but on all pars your states even owe more to banks than any other region.

The 600bn figure for Delta represents the total debt portfolio which includes both internal (local banks) and external creditors.

If we are to add up the total debt profile of a state like Osun which has been running a deficit budget for 4 yrs in a row with an average of 210bn even though Osun only grosses 40bn annually, you will see that Osun's case is far worse than Delta.

So if we consider the total debt profile i.e. that owed to local and external creditors, your region is still far worse off!

AshiwajuFoward:
According to you, the SW states owe atleast $1.5bn. Yet, according to Okowo the Delta state governor, your state owes atleast $3billion in debt. How do you explain that? In spite of all that Oil money you all get?

dammylohlah:
PdPpigs will not stop amusing me. It is Osun borrowing that cause fall of naira ur brain need total overhaul. Tell me what nigeria is producing locally. DUNLOP, MICHELLING, UNILEVER, TEXILLE ALL THIS COMPANY IS NO MORE IN NIGERIA,ALSO NO REFINERY THAT IS WORKING EVERYTHING IS ON IMPORTATION. NOW TELL HOW NAIRA IS NOT GOING TO BE WEAKED. IF U LACK FUNDAMENTAL ECONOMIC LACK UR ANKARA WOMAN, PLS ENROLL IN LBS. AJAOKUTA STEEL IS NO MORE WORKING FOR DECADES. THIS MAD MAN POSTING.

AshiwajuFoward:
Yeah, right. You belong in Nollywood coz you seem like a good storyteller. Smh. Hypocrisy of the highest other.

PvtParts2:
Osun is easily owing over 500 billion and Lagos state has issued more bonds than any state.

These are facts that the DMO will not want published especially the local debts to bank to prevent panic of bank failures

AshiwajuFoward:
Dude, I already told you that you are not an authority on this therefore your opinion ain't worth shyt. You can't even get your 'facts' and figures right, just making up stuff talking about 'osun is easily owing...'. Smh. Your parents have wasted money on your education. You're hopeless.

PvtParts2:
What was the budget for a state like Osun in the last 3 years compared to it's gross revenue?

Answer this simple question.

AshiwajuFoward:
Dude, I already told you that you are not an authority on this therefore your opinion ain't worth shyt. You can't even get your 'facts' and figures right, just making up stuff talking about 'osun is easily owing...'. Smh. Your parents have wasted money on your education. You're hopeless.

State governments’ debt profiles “scary” – Minister
The Nigerian Government has defended its recent decision to dissuade banks from granting unsecured loans to state governments, saying it was to protect the states from excessive accumulation of debts.
The Minister of State of Finance, Bashir Yuguda, denied that the decision was aimed at stalling the development efforts of the state governments.
The Minister, who was addressing participants in Course 23 for security agents at the National War College, Abuja, said most of the states have been experiencing difficulties in servicing their existing debts and it would not be advisable to allow them take fresh loan[/b]s.
Mr. Yuguda, who was delivering a lecture on the title: “Nigeria’s Economic Policies and Reforms: An Assessment of the Real and Informal Sectors”, said the country’s overall debt profile, [b]particularly those of the state governments, was scary.
Though he did not provide specific details, the minister emphasized the need for the states to continue to look inwards for other sources of revenue to pursue their development programmes.... A breakdown of the figures showed that external debt, including those of the states, was $9.71 billion and N1.63 trillion.
The Federal Government’s domestic debt was $47.05 billion and N7.9trillion, while those of the states stood at $10.97 billion and N1.708 trillion.
Based on the huge debt profiles of the state governments, the Federal Government had last year directed Deposit Money Banks not to grant fresh loans until they got the relevant approval and clearance from the Federal Ministry of Finance....But, according to the Minister, “The domestic debt profile of some states is scary. The states are so much in debt that only a small amount of their allocations get to them at the end of the day, because most times, money for debt servicing is removed from source.”
The minister said this was the reason the Federal Government had to discourage states from further borrowing.
Even where it becomes necessary that they must take such loans, the minister said they must be for the execution of priority projects with prospects of high returns to service those loans on schedule...
http://www.premiumtimesng.com/news/top-news/178281-state-governments-debt-profiles-scary-minister.html

AshiwajuFoward:
You are crazy for that question. I thought you're the 'smarty pants' that has all the facts and figures? Why don't you pull those figures too out of your a$$ like you've been doing so far. Anuofia!

Both federal and state governments borrow domestically and externally. However, no state government can borrow externally unless guaranteed by the Federal Government. Similarly, state governments’ domestic borrowing is subject to federal government analysis and confirmation – based on clear criteria and guidelines that a state can repay based on their monthly FAAC allocations and internally generated revenues (IGR).

http://www.fmf.gov.ng/the-media/speeches/127-clarifying-nigerias-debt-position.html

AshiwajuFoward:
.

mykl01: Are Osun People now Refugees that we are sending them food aid bikonu? By the way, even after the bailout Oga Gbese still managed to give them half month salary out of 8 months... That man stingy sha! There is God o!!!!

AshiwajuFoward:
.

AshiwajuFoward:
First of all, you are a bigot and not an authority on the subject so therefore nothing you say here means didly-squat, not even your contrived graph. Here's what NOI had to say about the cause of the devaluation of the Naira. You can feed your pseudo economic jagbajantis to your brainwashed fans and shove it up your a$$ coz some of us know better

IAMTHEHERO:
You don't know know anything. The guy has his facts but tribal bigotry has covered your medulla oblongata .You can't see the truth any longer.What a shame!!

PvtParts2:
Can you also say that the Southwest states are not the most indebted states in our polity?

Can you also deny the fact that the FG has since extended a bailout to your states which was sourced from FOREX reserves which is 99.9% sourced form oil reciepts?

Answer these question first!

WEMA Bank is on the verge of Bankruptcy due to your states not able to repay the loans they took.